I am a tenant and my landlord has just put the house i am renting on the market. I have another 10 months to go on my lease. Since he has decided to sell I have started to look for a property to buy myself. My question is; if I find a house to buy and want to break the lease, what happens if he hasn't sold the house yet? Or if he sells the house and the new owners want me to move out, how much notice do I have? I am being very agreeable and tidying the house making it nice for the bi-weekly open inspections. Any advice would be good.
Landlord wants to sell property
- Thread starter jcl
- Start date
Unless both parties agree to terminate the lease you will be able to stay until the lease expires does not matter if the house is sold or not the new owners will have to honour the agreement.
However if both parties agree you can terminate the lease at any time.
If you happen to find another house to rent I would approach the current owner and hit him up to release you from the lease. If he is in a hurry to sell it will make it easier for him to be able to offer vacant possenssion.
However if both parties agree you can terminate the lease at any time.
If you happen to find another house to rent I would approach the current owner and hit him up to release you from the lease. If he is in a hurry to sell it will make it easier for him to be able to offer vacant possenssion.
atm: you can not break the lease because the landlord is selling unless by mutual consent.
In the Future: (proposed changes to the NSW Residential Tenancies Act1987) Tenants will be entitled to notice of the owner’s intention to sell and a negotiated rent reduction where inspections are carried out during a fixed term tenancy. Tenants can also choose to terminate the fixed term lease without penalty with 21 days notice if there was no pre-disclosure of the intention to sell.
In the Future: (proposed changes to the NSW Residential Tenancies Act1987) Tenants will be entitled to notice of the owner’s intention to sell and a negotiated rent reduction where inspections are carried out during a fixed term tenancy. Tenants can also choose to terminate the fixed term lease without penalty with 21 days notice if there was no pre-disclosure of the intention to sell.
You can't break the lease unless the current or new owners agree for you to be released from your obligation. If the new owners also want the property as an investment, you're unlikely to be released, I would think. But if the new owners wish to live in the property, you'll get lucky and be released by mutual agreement, and in such case, you will have the upper hand and be able to negotiate when you want to leave.
If you want to stay for the 10 months, likewise, neither the old or new owners can require you to leave.
If you want to stay for the 10 months, likewise, neither the old or new owners can require you to leave.
That's a sensible idea. I've always found this to be a failure in the current residential tenancy laws.
Just make sure you know your rights when the landlord is selling. There are restrictions on how often and when inspections can occur, what photos can be taken etc. An unco-operative tenant can make a sale extremely difficult and can adversely affect the price received.
I am not suggesting you go out of your way to be difficult, but you are in a strong position to negotiate a variation in your lease in return for assisting the sale.
Marg
I am not suggesting you go out of your way to be difficult, but you are in a strong position to negotiate a variation in your lease in return for assisting the sale.
Marg
